Commercials -33548 (from -36501) Large Specs +17825 (from +18429) Small Specs +15723 (from +18072)
Commercials (57.5% of total o/i) - 48.6% of Longs, 66.4% of Shorts, balance minus 17.7Large Specs (28.2% of total) - 32.9% of Longs, 23.5% of Shorts, balance plus 9.4
Small Specs (14.3% of total) - 18.5% of Longs, 10.1% of Shorts, balance plus 8.3
In spite of the sharp reduction in total o/i as the Dec position moved off the board, there was little change in the nett differences. However, proportionately, Commercials reduced their total commitments while adding to their minus balance. This is now at its highest since January; the previous large minus balance was basis Oct 22nd - note that prices fell from both January and the October date. Large and Small Specs both added to longs more than to shorts, and the outlook remains - it appears that the pound will move more easily down than up.